Creating a last will in Wisconsin is a crucial step in ensuring that your wishes are respected and your loved ones are protected after your passing. A last will, also known as a will, is a legally binding document that outlines how you want your assets to be distributed and who will be responsible for carrying out your wishes. Here are the 5 essential steps to create a last will in Wisconsin:
Step 1: Determine Your Assets and Beneficiaries
The first step in creating a last will in Wisconsin is to take stock of your assets and determine who you want to inherit them. This includes:
- Real estate properties
- Bank accounts
- Investments
- Retirement accounts
- Personal belongings
Make a list of all your assets and consider who you want to inherit each one. You should also consider naming alternative beneficiaries in case your primary beneficiaries predecease you.
Considerations for Minor Beneficiaries
If you have minor children, you'll need to appoint a guardian to manage their inheritance until they come of age. You should also consider setting up a trust to manage their inheritance and provide for their education and well-being.
Step 2: Choose an Executor
Your executor, also known as a personal representative, is responsible for carrying out the instructions in your will. This includes:
- Gathering and distributing your assets
- Paying off debts and taxes
- Managing your estate during the probate process
Choose someone you trust, such as a family member or friend, to serve as your executor. Make sure they are aware of their responsibilities and are willing to serve.
Step 3: Write Your Will
Once you've determined your assets, beneficiaries, and executor, it's time to write your will. You can use a template or work with an attorney to create a customized will. Make sure your will includes:
- A statement that revokes all prior wills and codicils
- A list of your assets and beneficiaries
- The name and address of your executor
- Any specific instructions or wishes
Types of Wills in Wisconsin
Wisconsin recognizes two types of wills:
- Attested will: This type of will requires two witnesses to sign the document.
- Holographic will: This type of will is written entirely in your own handwriting and does not require witnesses.
Step 4: Sign and Witness Your Will
Once you've written your will, you'll need to sign it in the presence of two witnesses. Your witnesses should:
- Be at least 18 years old
- Not be beneficiaries of your estate
- Not have any conflicts of interest
Step 5: Store Your Will Safely
Finally, make sure to store your will in a safe and secure location. This could include:
- A fireproof safe
- A safe deposit box
- A secure online storage service
Make sure your executor and beneficiaries know where your will is located and how to access it.
Wisconsin Last Will Image Gallery
By following these 5 essential steps, you can create a valid and enforceable last will in Wisconsin that reflects your wishes and protects your loved ones. Remember to review and update your will regularly to ensure it remains accurate and effective.